In a significant development, the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple founders Brad Garlinghouse and Chris Larsen has been dropped.
The dismissal of the case occurred after both parties agreed, thus eliminating the need for a hearing scheduled for April next year.
Ripple CEO Brad Garlinghouse said the following on the subject:
Today was an even better day. Ripple: 3 SEC: 0
In all seriousness, Chris and I have been targeted by the SEC (in a case that does not involve any allegations of fraud or misrepresentation) in a brutal attempt to personally destroy us and the company that so many people have worked so hard to build for over a decade.
The SEC has repeatedly looked the other way while secretly meeting with the likes of SBF, and has repeatedly failed to protect U.S. consumers and businesses. How many millions of taxpayer dollars were wasted?!
It feels good to finally be right.
Ripple Chairman Chris Larsen said the following on the subject:
Today, we were legally vindicated and personally vindicated in our fight against a disturbing attempt to abuse the rules to advance a political agenda to destroy cryptocurrencies in America. It is a tragedy that we are forced to defend ourselves against a malicious attack that has been flawed since the day it was opened.
Although justice ultimately prevailed, the actions of the US government that led to this point raise questions about the source and motivation of this case. It is an abuse by the administrative state for politically connected special interest groups with clear and proven conflicts of interest to drag our names through the mud in order to destroy us personally and destroy a company that many have worked so long to build.
*This is not investment advice.